mineral resources and mineral reserves - impala · pdf filemineral resources and mineral...

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mineral resources and mineral reserves

The Mineral Resources and Mineral Reserves of the Implats group arecornerstones of the wealth of the company. The group is accordinglycommitted to the following strategies:• growth of the mineral resource base by optimising the current assets,

exploration and acquisitions; including alliances and equity interests withthird parties;

• full commitment to the legislative regime that governs mineral rightownership;

• transparent disclosure of Mineral Resources and Mineral Reserves alignedwith the prescribed codes, SAMREC and JORC; and

• continuous improvement in mineral resource management systems.

The mining operations of Implats and its associated companies exploitplatiniferous horizons within the two largest known deposits of platinum groupmetals (PGMs) in the world, namely the Great Dyke in Zimbabwe and theBushveld Complex in South Africa. Mining mostly takes place as undergroundoperations focusing on relatively narrow mineralised channels with thespecific methods adapted to suit the local geology and morphology of themineralised horizon. Underground stoping in the Great Dyke currently consistsof mechanised or semi-mechanised bord-and-pillar layouts. Within theBushveld Complex, mechanised mining is being utilised at Two Rivers andonly in limited areas at the Impala Platinum mining operations. The miningmethod at Marula Platinum is being converted from mechanised layouts toconventional breast mining. The bulk of the mining at Impala Platinum isconventional breast mining with limited opencast mining taking place at theoutcrop position. Opencast mining at Zimplats continues although this will bereduced over the next few years.

THE GREAT DYKE The Great Dyke is a 2.5 billion-year old layered mafic-ultramafic complex thattransects the Zimbabwean Archaean Craton in a NNE-trending direction.The Dyke is highly elongate, slightly sinuous, 550 kilometres long, with amaximum width of 12 kilometres. The Dyke is divided into two majorsuccessions, a lower ultramafic sequence dominated from the base upwardsby cyclic repetitions of dunite, harzburgite and bronzitite, and an upper maficsequence consisting mainly of gabbro and gabbronorite. Much of the maficsequence has been removed by erosion. The ultramafic sequence hosts theP1 pyroxenite, directly below the mafic-ultramafic contact, which in turn hoststhe economic PGM-bearing Main Sulphide Zone (MSZ). The MSZ is alithologically continuous layer between 2 and 10 metres thick that forms anelongated basin. Layers of igneous rocks within the basin dip at between

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5 degrees and 20 degrees near the margins and flatten out near the centreto form a flat-lying floor. The MSZ typically contains iron-nickel-coppersulphides whilst elevated precious metal concentrations occur towards thebase of the MSZ. Optimal mineralisation varies and is often difficult to followvisually, in contrast to the Bushveld Complex. Peak values for the PGM andbase metals are commonly offset, while the proportions between platinumand palladium also vary vertically. The Dyke developed as a series of initiallydiscrete magma chamber compartments, which joined up as the chambersfilled. The chambers coalesced below the MSZ and before erosion, the MSZwould have been continuous along the length of the Dyke. In its present planeof erosion, the Great Dyke is longitudinally subdivided into a series of narrowcontiguous layered complexes or chambers, namely Musengezi, Hartley,Selukwe and Wedza. The Hartley Complex straddles two sub-chambers,Darwendale and Sebakwe.

As at 30 June 2005, Implats held 86.9% of Zimbabwe Platinum MinesLimited (Zimplats), an Australian-listed company. Zimplats operates the NgeziPlatinum mine situated in the south of the Hartley Complex, and mines bothby opencast and underground methods. Zimplats owns extensive MineralResources within the Hartley Complex. In addition, Implats owns 50% ofMimosa Investments Limited, which owns and operates Mimosa MiningCompany, an underground mine situated in the Wedza Complex.

THE BUSHVELD COMPLEX The Bushveld Complex is an extremely large, 2-billion-year old layeredigneous intrusion occurring within the boundaries of South Africa. Although itshares many characteristics with other layered complexes around the world,the Bushveld Complex is unique both in its size, covering an aerial extent ofsome 66,000 square kilometres, and in the economic importance of itsmineral deposits. It is generally understood that the Bushveld Complex wasformed by the repeated injection of magma into a sub-volcanic chamber. Dueto the huge volumes of magma involved, cooling and crystallization wereslow processes. Different minerals were formed as the magma cooled; these

Regulatory compliance

The reporting of Mineral Resources and Mineral Reserves forImplats’ South African operations is done in accordance withthe principles and guidelines of the South African Code forReporting of Mineral Resources and Mineral Reserves(SAMREC Code). (See Glossary of terms on page 99).

Zimplats, as an Australian Stock Exchange listed company,reports its Ore Reserves and Mineral Resources in accordancewith the Australasian Code for Reporting of Mineral Resourcesand Ore Reserves (JORC Code). Mimosa Investments Limited, aMauritius-based company, does not fall under any regulatoryreporting code but has adopted the JORC Code for itsreporting. Various Competent Persons, as defined by theSAMREC and JORC codes, have prepared the Mineral Reserveand Mineral Resource figures quoted in this report. They werereviewed and signed off by the Implats’ signatory below:

JJ VermaakPr.Sci.Nat. (Consulting Geologist, Impala Platinum) The CompetentPerson has 19 years’ experience in the evaluation and exploitation ofPGM deposits.

Additional compliance:

• the Competent Person for the Two Rivers’ MineralResources and Reserves is Mr PJ van der Merwe, full-timeemployee of ARM;

• the Competent Persons for Zimplats are Messrs A du Toit,J Wheeler and S Simango, full-time employees of Zimplats;

• Aquarius Platinum South Africa (Pty) Ltd (AQP(SA)) uses anumber of Competent Persons. Implats has not verified theAQP(SA) Mineral Resource and Mineral Reserve estimatesin detail, as AQP(SA) is not a subsidiary of Implats;

• Implats has obtained written consent from ARMPlatinumand AQP(SA) that the information disclosed pertaining totheir Mineral Resources and Mineral Reserves is compliantwith the SAMREC Code and can be published in this form;

• Implats is committed to external reviews of all MineralResource and Mineral Reserve estimates, at least once in athree-year cycle, as well as to additional audits as the needmay arise. During the past year, SRK Consulting reviewedthe Mineral Resources and Ore Reserves for Zimplats, theUG2 Mineral Resource at Marula and the UG2 MineralResources and Mineral Reserves for Two Rivers. SnowdenMining Consultants reviewed the Mineral Resource estimatesfor the 16 and 20 Shaft Blocks at Impala;

• Implats has legal entitlement to the mining of mineralsbeing reported upon without any known impediments; and

• reporting of the Mineral Resources and Mineral Reservesfor Impala and Marula is quoted both inclusively andexclusively. This is for more direct comparisons withcompanies that subscribe to the inclusive form of reportingas well as to provide a basis of comparison with 2004.Inclusive reporting implies that Mineral Reserves areincluded in Mineral Resources, whereas exclusivereporting means that Mineral Reserves are not included inMineral Resources.

P86 accumulated into sub-horizontal layers building from the base of the chamber.Such processes were repeated by the intermittent replenishment of magmathus producing a repetition of the mineral layering.

The complex comprises an array of diverse igneous rocks ranging incomposition from ultramafic to felsic. Contained within a well-layeredultramafic to mafic succession, called the Rustenburg Layered Suite, are twohorizons which host economically exploitable quantities of PGMs, namely theMerensky Reef and the underlying UG2 Chromitite Layer. These twoeconomic horizons can be traced for hundreds of kilometres around thecomplex and are the focus of Implats’ operations in which the PGMsplatinum, palladium, rhodium, ruthenium and iridium are recovered togetherwith quantities of gold, nickel, copper and cobalt. Implats’ operations herecomprise Impala Platinum Limited, located near Rustenburg in North WestProvince, and Marula Platinum situated near Burgersfort in the province ofLimpopo. The Two Rivers mine, a joint venture between Implats and AfricanRainbow Minerals (ARM), is located south of Burgersfort in the province ofMpumalanga.

The Merensky Reef is generally composed of a feldspathic pyroxenitehangingwall, overlying a basal chromitite unit, followed by an anorthosite toanorthositic-norite footwall. The Merensky Reef Zone at Impala Platinum’smining operations displays a gradational mineralised zone, with gradesdecreasing from the Merensky chromitite unit into the footwall andhangingwall. The UG2 Reef is defined as a main chrome unit with themineralisation wholly contained within this unit.

Salient highlights

Material and significant issues affecting the Mineral Resourceand Mineral Reserve estimates as at 30 June 2005 relativeto the previous reporting period are:• the completion of the 16 and 20 Shaft Project studies at

Impala Platinum and their subsequent approval resulted ina movement from the Mineral Resource category to that ofProbable Mineral Reserve;

• the revision of the Marula Platinum mine plan necessitateda restatement of the Mineral Resources and MineralReserves;

• the approval of the Two Rivers Project resulted in theUG2 Mineral Resource being upgraded to MineralReserve status;

• the Zimplats Mineral Resource and Ore Reserve estimateswere revisited in view of additional work and changes tothe JORC Code;

• the sale of Implats’ 27% interest in Lonmin affected overallattributable Mineral Resources and Mineral Reserves; and

• as at 30 June 2005, the implementation of a newintegrated Mineral Resource Management (MRM) systemat Impala’s mining operations was nearing completion.The initial objective is to focus on the optimisation of theMineral Resources and Mineral Reserves of the currentoperations.

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MINERAL RESOURCES AND MINERAL RESERVES:Impala Platinum holds contiguous old order mining andprospecting rights for a total area of 27,573 hectares.The Mineral Resources and Mineral Reserves quotedare held under four old order mining rights, two oldorder prospecting rights as well as an unused old order

right. Impala Platinum applied for the conversion ofthese rights during FY2005.

Efforts are being made to increase the MineralResource base in adjacent areas in conjunction withBEE partnerships.

impala platinum

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Impala Platinum – UG2 metals split

Impala Platinum– Merensky metals split

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Mineral Resources (exclusive) as at 30 June 2005 as at 30 June 2004

Channel Grade (g/t) Channel Grade (g/t)tonnes 5 PGE Pt oz tonnes 5 PGE Pt oz

Orebody Category (millions) & Au (millions) (millions) & Au (millions)

Merensky Measured 34.4 7.47 4.7 60.7 7.46 8.3Indicated 84.7 7.48 11.7 101.5 7.66 14.3Inferred 75.4 7.83 10.9 75.9 8.26 11.5

UG2 Measured 14.4 8.79 1.9 49.5 8.90 6.7Indicated 96.2 9.13 13.4 70.2 9.45 10.1Inferred 62.9 9.25 8.9 62.1 9.28 8.8

Total 368.0 8.34 51.5 419.9 8.42 59.7

Mineral Reserves as at 30 June 2005 as at 30 June 2004

Mill Grade (g/t) Mill Grade (g/t)tonnes 5 PGE Pt oz tonnes 5 PGE Pt oz


Merensky Proved 24.3 4.88 2.2 17.1 5.12 1.6Probable 110.8 4.81 9.8 72.7 4.97 6.6

UG2 Proved 21.2 5.13 1.7 20.5 5.15 1.6Probable 110.1 5.09 8.5 99.9 5.11 7.8

Total 266.4 4.96 22.2 210.2 5.07 17.7


Tonnes Pt grade Pt oz Tonnes Pt grade Pt ozOrebody Category (millions) (g/t) (millions) (millions) (g/t) (millions)

1&2 Tailingscomplex Indicated 48.1 0.42 0.6 48.1 0.42 0.6

Notes

• Mineral Resources are stated in both the exclusiveand inclusive form to facilitate comparisons withcompanies reporting solely inclusive MineralResources. A direct comparison of tonnes andgrade is not possible between the two forms due tothe mixing of channel and mill figures.

• The modifying factors used to convert a MineralResource to a Mineral Reserve are derived fromhistorical figures using an in-house ore accountingsystem. This system is able to provide dilutionfactors that are applied to the in situ estimates toyield the final product delivered to the mill.

• The Mineral Reserves quoted reflect the gradedelivered to the mill rather than an in situ channelgrade quoted in respect of Mineral Resources.

• The decrease in the mill grades is, in part, aresult of the reduction in planned improvements indilution control over the first two years of the life-of-mine plan until existing planned improvementsare met, and in part due to an increase inmechanization, which has resulted in an increasein mining widths. In addition, lower MerenskyReef channel grade estimates also impact onprojected mill grades.

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Mineral Resources (inclusive) as at 30 June 2005 as at 30 June 2004



Merensky Measured 137.1 6.99 17.6 126.2 7.23 16.8Indicated 84.7 7.48 11.7 101.5 7.66 14.3Inferred 75.4 7.83 10.9 75.9 8.26 11.5


Total 553.2 8.17 75.9 559.7 8.38 78.8

Notes (continued)

• Material changes in the Mineral Resource andMineral Reserve categories arise from Boardapproval of the 16 and 20 shaft projects. Thisresulted in the upgrading and transferal of theMineral Resource to the Mineral Reserve category.Certain UG2 project areas were reviewed andsubsequently downscaled to the resource category.

• An alternative approach in the evaluation of pillarsand white areas has led to a reduction of theseareas in the resource categories.

• The Impala 30-year mine plan comprises approxi-mately 48% Mineral Reserves and 52% MineralResources. Some 11% of the 30-year mine plan isderived from the Inferred Mineral Resources. It shouldalso be noted that 6% of the 30-year mine plan isderived from prospecting areas, with close to 11% ofthe life-of-mine being derived from prospecting areas.

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marula platinum




Merensky Indicated 44.2 5.47 4.2 44.2 5.47 4.2Inferred 5.2 5.73 0.5 5.2 5.73 0.5

UG2 Indicated 22.0 9.80 2.6 22.4 9.27 2.5Inferred 3.5 8.88 0.4 3.5 8.88 0.4

Total 74.9 6.92 7.7 75.3 6.78 7.6

Mineral Reserves as at 30 June 2005 as at 30 June 2004



UG2 Probable 41.9 5.16 2.6 41.3 4.76 2.3

Marula Platinum – UG2 metals split

Marula Platinum – Merensky metals split

MINERAL RESOURCES AND MINERAL RESERVES:Marula Platinum holds old order mining rights on thefarms Winnaarshoek 250KT, Clapham 118KT, andportions of the farms Driekop 253KT and Forest Hill117KT, comprising 2,765 hectares. The Mineral

Resources and Mineral Reserves quoted are held undertwo old order mining licences. Marula Platinum appliedfor the conversion of the two old order mining licencesduring FY2005. As at 30 June 2005, the new orderprospecting right for the Hackney area was still awaited.

Notes

• Mineral Reserves quoted reflect the grade deliveredto the mill rather than an in situ channel grade quotedin respect of the Mineral Resources.

• The modifying factors used in the UG2 mineralreserve calculation are based on the revised mineplan which envisages hybrid and conventional breastmining operations.

• The UG2 Mineral Resource merely accounts for theUG2 chromitite layer while the Merensky ReefMineral Resource is based on a minimum width of80 centimetres;

• Significant changes since previous UG2 MineralResource estimates relate to additional information,re-assaying of some existing boreholes and alsoupdated estimation practices.

• An external third party audit was completed by SRKby September 2004 on the UG2 MineralResources of Marula. The SRK audit concluded thatImpala Platinum complies with general reportingstandards.

Scale - km

0 1

HACKNEY

CLAPHAM

WINNAARSHOEK

FOREST HILL

DRIEKOP

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HACKNEY

CLAPHAM

WINNAARSHOEK

FOREST HILL

DRIEKOP

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Merensky Indicated 44.2 5.47 4.2 44.2 5.47 4.2Inferred 5.2 5.73 0.5 5.2 5.7 0.5


Total 104.6 7.77 11.3 101.0 7.58 10.5

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zimplatsMINERAL RESOURCES AND ORE RESERVES: During 2005, the companywas restructured so that all of Zimplats Mineral Resources are 100%-ownedby Zimplats through its wholly-owned subsidiaries. Previously, the open pitand Hartley Mineral Resources were 30%-owned by Implats. Implatsshareholding has increased to 86.9% of Zimplats as at 30 June 2005.No finality has been reached regarding the potential participation ofindigenisation parties. The figures quoted below refer to the total MineralResource and Ore Reserve (in terms of JORC).

Notes• Mineral Resources are quoted inclusive of Ore Reserves.• The Ore Reserves quoted reflect anticipated grades delivered to mill.• Mineral Resources were estimated using moving averages and kriging

techniques on data derived from surface drill holes. Estimates are basedon composite widths that vary depending on cut-off grades, which arebased on appropriate economic conditions.

• Since the last declaration of Mineral Resources and Ore Reserves,detailed drilling has continued in the Ngezi area and reconnaissancedrilling was completed to the north of Hartley. Zimplats has alsoremodelled the entire Mineral Resource base. The result is that theunderlying geological model has changed.

• Previously a fixed width of 1.2 metres and a grade of 2g/t platinum hadbeen assigned to the Inferred Mineral Resource. In the current model, thewidth and grade were estimated, based on the data available. This hasincreased the width and reduced the grade.

• More realistic geological losses were applied, based on a re-evaluationof the data and on recent mining experience. Previously a blanket 3% losswas applied while currently factors range from 2% to 20% depending onthe geological conditions.

• During the past year, a new release of the JORC Code was issued andZimplats has prepared a code of practice based on this revision. Zimplatsdecided that the Code would be more closely honoured if losses due toinevitable pillars underground and inherent dilution caused by the extentof micro faulting and minor intrusions were allowed for in the MineralResource declaration.

• The company has gained considerable experience mining undergroundat Portal 2 and this was compiled into a full feasibility study. In order tocomply with the change in the JORC Code that requires a mine plan forall Ore Reserves, SRK Consulting in Johannesburg has preparedappropriate mine plans and financial models in support of a pre-feasibilityfor the Ngezi area.

• The reduction in Ore Reserves was due to:• – a change to the maximum dip for bord-and-pillar mining from

12 degrees previously to 9 degrees, based on experience within theImplats group;

• – refinements in underground mine design which highlighted the need forInferred Mineral Resources to be progressed to generate additional OreReserves. These Inferred Mineral Resources lie adjacent to the deepestpart of the previous Ore Reserve area;

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MSZ Measured 95.7 3.69 5.6 102.9 4.19 6.8Indicated 719.0 3.76 43.0 860.6 4.13 55.7Inferred 1,690.1 3.41 92.2 1,528.0 4.11 98.6

Total 2,504.8 3.52 140.8 2,491.5 4.12 161.1

Ore Reserves as at 30 June 2005 as at 30 June 2004

Orebody Category Mill Grade (g/t) Mill Grade (g/t)tonnes 3 PGE Pt oz tonnes 3 PGE Pt oz

(millions) & Au (millions) (millions) & Au (millions)

MSZ Proved 51.5 3.28 2.7 45.1 3.23 2.3Probable 215.1 3.32 11.4 295.7 3.35 15.6

Total 266.6 3.31 14.1 340.8 3.34 17.9

Zimplats– MSZ – metals split

Notes (continued)

• – reduced extraction rates, especially in the deeperparts of the Ore Reserve; and

• – drilling and subsequent refinement of the ultimateopen pit design which resulted in reducedtonnage. Some of these open pit Ore Reservesmay be mined from underground in future, giventhe significant cost differential between the twomining methods.

• In addition to the pre-feasibility study, SRKConsulting conducted an external review of

• platinum mineral resource and ore reserveestimation and reporting practices in September2004. This was updated on 4 July 2005. SRKconcluded that Mineral Resource estimates arevalid and that within the limitations of thedata, the results appear meaningful. Furtherdetails regarding Zimplats’ Mineral Resource andOre Reserve estimates can be sourced from the2005 Zimplats Annual Report.

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mimosaMINERAL RESOURCES AND ORE RESERVES: The leaseencompasses four areas, North Hill, South Hill,Mtshingwe Block and Far South Hill, separated by majorfaults, covering an area of 6,590 hectares. As at 30 June

2005, Implats owned a 50% shareholding in MimosaInvestments Limited (with Aquarius Platinum Limitedowning the remaining 50%).

Mimosa South Hill – metals split

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Notes

• The figures quoted refer to the total Mineral Resourceand Ore Reserve for North and South Hill.

• Compared with previously published figures, thematerial differences are:

• – a correction to the lease boundary position on thewestern perimeter, which resulted in a loss of0.78 million tonnes from the Indicated MineralResource and 0.17 million tonnes from the InferredMineral Resource;

• – the Inferred Oxide Mineral Resource decreasedfollowing a re-interpretation of the areas containingthe Mineral Resource;

• – an increase in the PGE grade due to adownwards shift of the economic channel of15 centimetres, since the economic channel isbased on the optimisation of the PGE metalcontent;

• – updated low-grade zones following in-filldrilling to determine the lateral extent of thesefeatures; and

• – decreased grades due to an increase in thelosses from in situ to blasted to mill feed OreReserve grades (this offsets the increase in theMineral Resource grade).

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South Hill Measured 39.4 4.18 2.7 31.8 4.07 2.1(1.8m cut) Indicated 27.2 3.93 1.7 31.7 3.81 1.9

Inferred 13.5 4.06 0.9 18.2 3.95 1.2Inferred (oxides) 6.0 3.91 0.4 7.2 3.81 0.4

Total 86.1 4.06 5.7 88.9 3.93 5.6




South Hill Proved 16.1 3.76 1.0 16.1 3.75 1.0(1.8m cut) Probable 16.2 3.54 0.9 13.7 3.51 0.8Total 32.3 3.65 1.9 29.8 3.64 1.8


Orebody Category Channel Channeltonnes Grade (g/t) Pt oz tonnes Grade (g/t) Pt oz

(millions) 2 PGE* (millions) (millions) 2 PGE* (millions)

North Hill Inferred 40.0 3.16 2.5 40.0 2.96 2.2(1.8m cut) *(2E grade – Pt and Pd only)

Notes (continued)

• Oxide material is quoted separately as on-goingmetallurgical test work is being conducted to verifythe economic viability of these resources.

• Ore Reserves are quoted as fully diluted delivered tomill;

• Mineral Resources are quoted inclusive of OreReserves.

• The Mineral Resources have taken into account thefollowing extraction losses:

• – Measured Resource: 3% for dykes and faults, 3%for adverse ground conditions, 5% for washoutsand abnormal reef;

• – Indicated Mineral Resource: 3% for dykes andfaults, 3% for adverse ground conditions, 8% forwashouts and abnormal reef; and

• – Inferred Mineral Resource: 3% for dykes andfaults, between 3% and 13% for adverse groundconditions, 8% for washouts and abnormal reef.

• In situ grade was used for the calculation of MineralResources.

• Known anomalous zones and washout channelswere excluded from the Mineral Resource.

• Trial mining is currently ongoing at wider widths inorder to optimise extraction from the MineralResource base. This has indicated a potentialincrease at a 1.95 metres cut in the South HillResources of 7.18 million tonnes and 0.21 millionounces of platinum and the North Hill Resources of3.3 million tonnes and 0.15 million ounces ofplatinum.

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MINERAL RESOURCES AND MINERAL RESERVES: Implats has a 45% shareholding in Two Rivers (with ARMPlatinum owningthe remaining 55%).

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two rivers

Notes• A second external audit was completed by SRK

Consulting (SA) by March 2005 on the UG2Mineral Resource and Mineral Reserve figures.

• Mineral Resources are quoted inclusive of MineralReserves.

• The figures quoted below refer to the total MineralReserve and Mineral Resource for Two RiversPlatinum Limited as at 30 June 2005.

• The modifying factors used in the UG2 MineralReserve calculations are based on mechanised roomand pillar mining operations. Estimated geologicallosses, rock engineering pillars and rock engineering

• losses due to geological features were accounted forin the Mineral Resource calculations.

• Grade estimates were obtained by means ofordinary kriging of UG2 and Merensky Reefborehole intersections.

• The Mineral Reserves quoted above include theNorth Open Pit and tonnes mined during the trialmining that were stock piled.

• More details regarding the Mineral Resources andMineral Reserves can be obtained in the 2005 ARMAnnual Report.

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Mineral Resources (inclusive) as at 30 June 2005

Channel tonnes Grade (g/t) Pt ozOrebody Category (millions) 3 PGE & Au (millions)

Merensky Indicated 18.7 3.34 1.2Inferred 3.9 3.16 0.2

UG2 Measured 13.1 5.17 1.2Indicated 46.2 3.70 2.9

Total 81.9 3.83 5.5

Mineral Reserves as at 30 June 2005

Mill tonnes Grade (g/t) Pt ozOrebody Category (millions) 3 PGE & Au (millions)

UG2 Proved 10.5 3.59 0.7Probable 29.8 3.44 1.7

Total 40.3 3.48 2.4

Two Rivers – UG2 metals split

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aquarius platinum

Implats’ attributable ounces

Summary tabulation of AQP(SA) Mineral Resource and Ore Reserves:


Channel Grade (g/t) Channel Grade (g/t) tonnes 3 PGE Pt oz tonnes 3 PGE Pt oz

Category (millions) & Au (millions) (millions) & Au (millions)

Measured 60.1 4.46 5.1 64.9 4.49 5.6Indicated 29.5 3.91 2.2 31.7 3.97 2.4Inferred 8.0 3.37 0.5 8.5 3.45 0.6Total 97.6 4.21 7.8 105.1 4.25 8.6 Inferred (exploration prospects) 542.0 5.04 52.2 534.6 5.08 52.6


Mill Grade (g/t) Mill Grade (g/t) tonnes 3 PGE Pt oz tonnes 3 PGE Pt oz

Category (millions) & Au (millions) (millions) & Au (millions)

Proved 57.1 3.09 3.4 61.4 3.12 3.7Probable 18.1 3.16 1.1 18.9 3.28 1.2Total 75.2 3.11 4.5 80.3 3.16 4.8

Implats’ consolidated platinum ounces – Resource and Reserves (million ounces) as at 30 June 2005Impala Platinum* 74.3Marula Platinum* 10.3Zimplats 122.3Mimosa Platinum 4.1Aquarius Platinum 1.6Two Rivers 2.5Total 215.1* Based on resource and reserve ounces (exclusive reporting). All others based on inclusive reporting.

MINERAL RESOURCES AND ORE RESERVES: as at30 June 2005, Implats held a 20% equity interest inAquarius Platinum SA (AQP(SA)). This percentage

interest is divorced from contractual toll smeltingagreements. Implats also owns a 8% interest inAquarius Platinum Limited.

The table below summarizes the total attributable platinumounces contained in all categories of Mineral Resources for

all the Implats’ group companies and strategic interests.This does not account for potential future BEE participation.

Notes• Mineral Resources are reported inclusive of

Ore Reserves.• The figures reflect the total Mineral Resources and

Ore Reserves.

• Details for the above figures can be obtained fromAquarius Platinum Limited’s 2005 Annual Report.

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